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Netherlands banks against financial crimes

Netherlands banks will fight with the fraudulent income legalization and financing of terrorism.

Five Dutch banks are beginning to cooperate in order to better tackle pressing issues. The most important is fraudulent income legalisation. The financing of terrorism, which banks will also fight against, is also considered a major challenge. This was announced on Wednesday by the Association of Dutch Banks (NVB).
These are quite famous Dutch banks with good reputation. For example, ABN AMRO or de Volksbank. They also include SNS and ASN Bank. They have created TMNL (Monitoring Transactions in the Netherlands). It acts as a supplement to the activities of banks that are already fighting against illegal money.
In the Netherlands, it is estimated that a huge amount of criminal money is laundered annually. This money comes from illegal terrorists activities. For example, the distribution of child pornography. Sometimes criminals prefer to use more than one bank.
The partnership will allow banks to identify unusual payment schemes that remain hidden without cooperation.
Thanks to the cooperation, banks want to anticipate already announced changes in legislation in order to quickly resolve the problems listed.
The construction and development of TMNL is progressing in stages, according to the NBB. Over time, other banks may join the initiative.

Netherlands News
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